631 Pier Ave - Apartments FOR SALE


Santa Monica, CA 90405- Ocean Park
$2,995,000 USD
917-972-5373
631 Pier Ave, Santa Monica, CA for Sale
$2,995,000 USD
Apartments - FOR SALE
1/20
null | 5.83% Cap Rate

631 Pier Ave
Santa Monica, CA 90405
Ocean Park


HIGHLIGHTS

  • Seller financing available at 5.5% interest only, five-year term, no prepayment penalty, 30% down
  • 100% leased four-unit generating $201,000 in gross annual income
  • Potential ADU conversion opportunity (buyer to verify); four private garages plus driveway parking

OVERVIEW

Seller financing available to qualified buyers. Seller will carry a first trust deed at 5.5% interest only for a five-year term with no prepayment penalty, minimum 30% down. All-cash offers welcome. Property is fully leased and subject to Santa Monica rent control. Property taxes will reassess upon transfer; a pro forma reflecting reassessment is available on request. Offering memorandum, rent roll and operating statements available to qualified parties. 631 Pier Ave presents a rare opportunity to acquire a thoughtfully maintained split-level four-unit property in the heart of Santa Monica's coveted Ocean Park neighborhood. The property features an attractive unit mix of two 2-bedroom units, one 1-bedroom unit, and one studio unit, currently generating approximately $201,000 in annual gross income while offering additional upside through future rental growth. Originally built in 1961 and carefully improved over the years, the property includes mini split A/C systems throughout all units, updated decking, refreshed interiors, new flooring, upgraded finishes, and the rare convenience of four private garages with additional off-street parking, an increasingly hard-to-find amenity in Santa Monica's coastal neighborhoods. Several units feature abundant natural light, open layouts, private outdoor spaces, and seamless indoor-outdoor living, while the split-level design adds architectural character and a unique sense of separation and flow throughout the property. Beyond the investment fundamentals, the property offers a uniquely serene atmosphere framed by mature landscaping cultivated over decades of ownership, including towering palm trees, lush podocarpus greenery, vibrant bougainvillea, mature fig vines, and a beautiful pomegranate tree woven throughout the hillside gardens. Tucked behind greenery and moments from Main Street, Rose Avenue, Abbot Kinney, Lincoln Blvd, and the beach, 631 Pier Ave offers a rare blend of stable income, lifestyle appeal, and long-term appreciation potential in one of Los Angeles' most desirable rental markets. Subject to Santa Monica rent control, the property offers stable in-place tenancy.

FOR SALE DETAILS

PRICE

$2,995,000 USD

PRICE/SF

$1,051 USD /SF

# OF UNITS

4

PRICE/UNIT

$748,750

CAP RATE

5.83%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

631 Pier Ave

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1961

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,496 SF

ZONING

SMPO2

APN/PARCEL ID

4287-029-016

ASK ABOUT THIS PROPERTY

Josh FlynnPardee PropertiesMore Info
917-972-5373

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Josh FlynnPardee PropertiesMore Info
917-972-5373

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.